Arizona

Dixxon Flannel Acquires 48,000 SF Warehouse Facility in Tempe, Arizona

by Amy Works November 13, 2019

TEMPE, ARIZ. — Dixxon Flannel Co. has purchased a 48,000-square-foot industrial and retail warehouse located at 7200 S. Priest Drive in Tempe. A furniture store sold the asset for $4.5 million. Situated on 2.6 acres, the two-story property features a 13,000-square-foot showroom and office space. The first floor includes four office spaces, a showroom, kitchen, shower and two bathrooms, while the second floor features six office spaces, a storage area and conference room. Additionally, the building features 24-foot clear heights, four dock-high loading doors and a full sprinkler system. Ryan Reisman, Chris Rogers, Trevor McKendry and Steve McKendry of DAUM Commercial Real Estate Services represented the seller in the deal.

November 13, 2019

Gila-Springs-Industrial-Park-Chandler-AZ

Acquisitions Arizona Industrial Western

Bird Dog Industrial Acquires Gila Springs Industrial Park in Arizona for $10.1M

by Amy Works November 11, 2019

CHANDLER, ARIZ. — La Jolla, Calif.-based Bird Dog Industrial has purchased Gila Springs Industrial Park, an industrial complex located near Chandler Boulevard and Kyrene Road in Chandler. GBI Erie, an Arizona corporation led by the Imdieke Family, sold the asset for $10.1 million, or $98.79 per square foot. Constructed between 1988 and 1997, the property’s five buildings offer a total of 101,934 square feet of industrial space. UCT, a subsidiary of Ultra Clean, occupies the complex. The properties are located at 5773, 5763 and 5753 W. Erie St., 481 N. Dean Ave. and 57240 W. Oakland St. All buildings except 5773 W. Erie St. are fully air conditioned. The properties also offer grade and truck-well loading and between 10 percent to 25 percent of space is dedicated to office build-outs, with one facility offering clean-room space. Chris McClurg of Lee & Associates represented the buyer, while Paul Sieczkowski and Justin Sieczkowski of Colliers International in Arizona represented the seller in the deal.

November 11, 2019

Arizona Loans Multifamily Utah Western

KeyBank Arranges $140.3M Refinancing for Three Multifamily Properties in Utah, Arizona

by Amy Works November 8, 2019

SANDY AND LAYTON, UTAH, AND FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured a $140.3 million in Fannie Mae Credit Facility for Centerville, Utah-based Keller Investment Properties. The borrower will use the facility, which is expandable to additional properties, to refinance three multifamily assets in Utah and Arizona. The properties are Park at City Center in Sandy, Quail Cove Apartments in Layton and Woodcrest Apartments in Flagstaff. Brain Caudel of KBREC’s Commercial Mortgage Group and Devin Jolley of KBREC’s Income Property Group structured the financing.

November 8, 2019

Acquisitions Arizona Multifamily Western

CW Capital Sells 192-Unit Value-Add Apartment Complex in Arizona for $13.9M

by Amy Works November 6, 2019

SIERRA VISTA, ARIZ. — CW Capital Commercial Real Estate Services has completed the disposition of Montego Bay Apartments, a value-add multifamily property located at 409 S. Lenzner Ave. in Sierra Vista. DLP Capital Partners acquired the asset for $13.9 million. Constructed in 1997, Montego Bay Apartments consists of 12 two-story apartment buildings, offering a total of 134,288 rentable square feet. Situated on nine acres, the property features 192 apartments and was 99 percent occupied at the time of sale. Karl Albert and Darren Tappen of Kidder Mathews represented the seller in the deal.

November 6, 2019

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $4.1M Sale of Youngtown House Apartments in Suburban Phoenix

by Amy Works November 6, 2019

YOUNGTOWN, ARIZ. — Marcus & Millichap has negotiated the sale of Youngtown House Apartments, a multifamily property located at 11141 W. Arizona Ave. in Youngtown, a city 20 miles northwest of Phoenix. An undisclosed buyer acquired the community for $4.1 million, or $64,063 per unit. Built in 1970, Youngtown House Apartments features 64 units and is close to a variety of retailers, including Fry’s Food and Drug, Taco Bell, Subway, Starbucks Coffee and QuikTrip. Rich Butler and Sean Connolly of Marcus & Millichap represented the buyer and undisclosed seller in the deal.

November 6, 2019

Acquisitions Arizona Multifamily Western

CBRE Arranges $46M Sale of FIVE46 Apartments Near Phoenix

by Amy Works November 5, 2019

MESA, ARIZ. — CBRE has brokered the sale of FIVE46, a multifamily community located at 546 S. Country Club Road in Mesa. S2 Capital acquired the property from a joint venture between Security Properties and funds managed by Oaktree Capital Management for $46 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers. Rocco Mandala of CBRE Debt & Structured Finance arranged acquisition financing for the buyer. FIVE46 features 320 apartments, two swimming pools, a resident clubhouse, 24-hour fitness center, lighted dog park, soccer field, children’s playground and picnic areas with barbecue grills.

November 5, 2019

Acquisitions Arizona Office Western

Velocis Acquires Kierland One Office Building in Scottsdale from Hines, PCCP

by Amy Works October 30, 2019

SCOTTSDALE, ARIZ. — Dallas-based Velocis has purchased Kierland One, a Class A office building located in Scottsdale. Hines, along with PCCP as joint venture equity partner, sold the 175,441-square-foot property for an undisclosed price. Situated in Scottsdale’s Airpark submarket, the four-story Kierland One is 90 percent leased and features institutional-quality construction and finishes, including a remodeled, two-story lobby, new tenant improvements and high-end spec suites. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE’s Luke Walker, Brad Anderson and Mike Strittmatter will continue to handle leasing for the property under the new ownership. Hines will continue to serve as property manager to Kierland One.

October 30, 2019

Arizona Loans Multifamily Western

Hunt Real Estate Capital Provides $35M in Refinancing for Manufactured Housing Asset in Arizona

by Amy Works October 30, 2019

TEMPE, ARIZ. — Hunt Real Estate Capital has funded a $35 million Freddie Mac conventional multifamily loan for the refinancing of Contempo Tempe, a manufactured housing community located in Tempe. The name of the borrower was not released. The new loan will refinance existing debt and includes a cash out that will be used to acquire additional manufactured housing properties. The loan has a 10-year term amortizing over 30 years, and three years of interest-only payments. Age-restricted to residents age 55 or older, the 454-pad community features three single-story buildings containing the clubhouse/leasing office, fitness center and maintenance building. Built in 1974, the property underwent recent capital improvements including signage updates, a pool remodel, exterior painting, clubhouse A/C replacement, spa heater replacement, security cameras and upgraded power pedestals. The borrower plans to renovate the existing shuffleboards into a two-court pickleball arena with shaded bleachers. Tom Houlihan of Phoenix-based Sterling Mortgage and Investment arranged the financing for the borrower.

October 30, 2019

West-Thunderbird-Mini-Storage-El-Mirage-AZ

Acquisitions Arizona Industrial Self-Storage Western

Cushman & Wakefield Arranges $4.1M Sale of West Thunderbird Mini Storage in El Mirage, Arizona

by Amy Works October 29, 2019

EL MIRAGE, ARIZ. — Cushman & Wakefield has brokered the $4.1 million sale of West Thunderbird Mini Storage, a self-storage facility in El Mirage. Paul Boyle and Rick Danis of Cushman & Wakefield represented the undisclosed buyer and seller in the deal. Located at 12500 W. Thunderbird Road, West Thunderbird Mini Storage totals 400 units. Built in 2002, the 45,230-square-foot property features on-site management, drive-up access, air-controlled units, perimeter fencing, gate entry, surveillance cameras and RV, car and boat parking. At the time of sale, the property was 94 percent occupied.

October 29, 2019

Acquisitions Arizona Multifamily Western

ColRich Multifamily Sells Plaza 550 Multifamily Asset in Phoenix for $11.8M

by Amy Works October 28, 2019

PHOENIX — San Diego-based ColRich Multifamily has completed the disposition of Plaza 550, an apartment property located at 550 E. Earll Drive in Phoenix. B&R Capital Partners acquired the asset for $11.8 million. Constructed in 1973, Plaza 550 consists of 92 one-bedroom units, 15 of which have undergone interior renovations to include energy-efficient appliances, modern lighting and plank flooring, as well as upgraded kitchen and bath countertops, backsplashes and hardware. Brad Goff, Brett Polacheck and Chris Canter of Newmark Knight Frank represented the seller in the deal.

October 28, 2019

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